The governing regime of the city of Moscow in Russia is developing plans to issue the cities own cryptocurrency moscowcoin. Moscow will be issued and control under the financial laws directly under Moscow city council authority. The cryptocurrency is expected to harmonies the smooth running of different viable city services which includes payments for city services. This comes at the right time when the Russian government is giving green light to the development and use of cryptocurrency in Russia. It is expected that the success of the Moscow will be a lead towards different cities in Russia and across the world to dive into developing a similar project.

How the Coins will be used

Moscow has a series of diversified service platforms where the Moscow coin could be immediately deployed on. Starting the popular city portal which attacks thousands of daily visitors. In the online portal users earn points for participating in online active discussions on matters that affect the residents of the cities. These user points are converted into tokens which can be used to access city services like payments for parking, movie tickets and paying for water or gas Bills. Vladimir Efimov head of the Moscow department of economic policy and development believes that Moscowcoin will help boost the activities in the already existing city portals. He spoke during an online new interview saying,

“Before we can enroll such a technology in the city we need to establish a coherence with the federal policies on finance. When we have a clear framework governing the Use of cryptocurrency put in place we can possibly implement Moscowcoin and related projects with ease.”

The city online portal where occasionally the city mayor or other top city officials rallies with the residents will be the test site for the development of moscowcoin.

An Early idea to Establish Moscowcoin

This is not the first time a cryptocurrency for moscow city came on board as of around late august the chairman of the government owned Vnesheconombank Seigei Gorkov mentioned the Idea. This was during an open conversation alongside the founder of Ethereum Mr. Vitalik Buterin. Mr Gorkov highlighted the possibility of moscow issuing its own cryptocurrency in a nearby future. His suggestion was met by bold response from the Moscow city authorities citing that the city does not have the authority to issue money to the general public. Indicating that it’s the duties of the Central Government to issue Money to the general public.

The president's decision to allow cryptocurrencies in Russia and create Russia’s own Cryptocurrency the CryptoRuble might change the views of the moscow city authority about moscowcoin. The deputy mayor for Economic Policies and Properties land Relations also highlighted the possibilities of creating Moscowcoin. This was during a press conference hosted by the Moscow financial forum.

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